Connect with us

Foreign

Namibia records surplus in current account – Central Bank

Published

on

The surplus was recorded from a deficit of one billion Namibian dollars ($70.7 million) in the corresponding quarter of the previous year, said the central bank in its quarterly bulletin.

“This was largely driven by the substantial decline in the values of merchandise imports and, to a lesser extent, the increase in export earnings,’’ said the report.

“The stock of foreign reserves held by Bank of Namibia increased due to the impact of the second tranche of the African Development Bank loan, coupled with exchange rate revaluations,’’ it said.

“This resulted in an import cover of 5.4 months at the end of the first quarter of 2019.’’

According to the report, the Namibia dollar depreciated against all major trading currencies due to tighter global financial conditions.

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
M T W T F S S
« Dec    
 12345
6789101112
13141516171819
20212223242526
2728293031  

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng